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Contributions to superannuation funds are subject to two types of "caps", and a third has been proposed in the 2016 federal budget. The annual concessional contributions cap since 2014/15 has been $30,000, with the cap for people over the age of 49 at the start of each year being $35,000. [5]
There are about 500 superannuation funds operating in Australia. Of those, 362 have assets totalling greater than $50 million. Superannuation assets totalled $2.7 trillion at the end of the June 2018 quarter, a new record according to the Association of Superannuation Funds of Australia. [58] There are different types of superannuation funds:
On 1 July 2021, the pension age became 66 years and 6 months, and from 1 July 2023, the pension age will increase to 67, the proposed cap. [ 28 ] a residency requirement requires an applicant to have been a resident in Australia for the last 10 years, with no break in residency for 5 of those years, and be in Australia on the day the ...
For those 65 and over, 11.6% of retirement accounts have balances of at least $1 million, more than twice that of the $407,581 average (shown). Those 65 and over have a median net worth of about $250,000 (shown), about a quarter of the group's average (not shown).
This is done as part of the AER’s determination of the Default Market Offer (DMO) which acts as a price cap for retail electricity prices. [26] [27] ACIL Allen developed the methodology for setting the wholesale component of regulated retail electricity prices for the Queensland Competition Authority (QCA) in 2013. Since then (2013 – 2021 ...
2 May – The Rudd Government announces it will tax the above-normal profits—known as super profits—of the mining industry to fund a superannuation rise and a company tax cut. [30] 11 May – The 2010 Australian federal budget was released by the Treasurer of Australia, Wayne Swan.
In March 2023, the Albanese government received the necessary support to pass the legislation from the Greens, who negotiated a "hard cap" on emissions that cannot be offset by carbon credits. [148] The bill was passed on 30 March 2023, marking the most significant piece of climate change legislation passed through the Australian parliament ...
KPMG office in Amstelveen, Netherlands KPMG offices at FPM41, Lisbon, Portugal. In 1816, Robert Fletcher started working as an accountant and in 1839 the firm he worked for changed its name to Robert Fletcher & Co. [8] William Barclay Peat joined the firm in 1870 at 17 and became head of the firm in 1891, renamed William Barclay Peat & Co. by then. [9]